FURJ

Policy 1: Affordable Housing Initiative

Implemented on January 1, 2024

The Affordable Housing Initiative aims to provide low-interest loans and subsidies to first-time homebuyers. This initiative is designed to reduce financial barriers and make homeownership more accessible to a broader population.

Policy 2: Property Tax Relief Program

Implemented on March 15, 2024

This program provides property tax relief for homeowners who are facing financial hardships. It offers tax reductions for those qualifying under specific income brackets and age groups.

Policy 3: Real Estate Transparency Act

Implemented on July 20, 2023

The Real Estate Transparency Act ensures that homebuyers and investors have full access to property history, including past sales, prices, and any legal issues. The policy aims to prevent fraudulent real estate transactions and increase market transparency.

Policy 4: First-Time Homebuyer Savings Account

Implemented on November 1, 2024

The government has introduced a savings account specifically for first-time homebuyers. Contributions to the account are tax-deferred, helping individuals save for their down payments while benefiting from tax incentives.

Policy 5: Rent-to-Own Scheme

Implemented on June 30, 2024

The Rent-to-Own Scheme allows renters to accumulate equity in their homes as part of their monthly rent payments. This policy provides an alternative pathway for renters to eventually own the property they are renting.